[CoinShares Claims DAT Bubble Has Burst, Structural Reform Becomes Key] James Butterfill, Head of Research at cryptocurrency asset management firm CoinShares, pointed out in a report that the Digital Asset Treasury (DAT) bubble has essentially burst. By the summer of 2025, some companies that were trading at 3 to 10 times their market net asset value (mNAV) have now fallen back to around 1x or lower levels. The trading model that once relied on token treasuries as a growth engine has undergone a sharp correction. The future market may face scenarios of price declines triggering sell-offs or companies holding positions while waiting for a rebound. Butterfill leans toward the latter and mentioned that an improved macroeconomic environment and potential interest rate cuts in December could benefit the cryptocurrency market. Butterfill emphasized that the core challenge facing DAT lies in structural issues. Some companies have accumulated large treasury assets through public markets but lack sustainable business models, leading to damaged credibility. Investors are becoming less tolerant of equity dilution and excessive asset concentration, while some stronger companies have incorporated Bitcoin into stricter treasury and foreign exchange management strategies, showcasing a healthier development direction. He believes the concept of digital asset treasuries has not disappeared but is being redefined. The new generation of companies must have fundamental support, credible business models, stricter governance structures, and reasonable expectations, treating digital assets as tools rather than the entirety.